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3917 Garfield Ave

Duplex · 2 units: 2 bed / 1.5 bath ×2 unit split estimated · 2,270 sq ft

Minneapolis, MN · King Field · View the listing ↗

Far off
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Photos, via Realtor.com.

Asking price
$524,950
2 units · $262K per unit
Monthly cash flow
−$1,517
at 20% down, 7%
Estimated rent
$3,400/mo
medium confidence · 13 rentals within 0.75 mi
Break-even price
$239,932
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a 2-bed over 2-bed duplex in King Field, and the numbers don't work as a rental at $524,950. Our rent estimates are about $1,700 per unit, cap rate is 2.9%, and cash flow is roughly -$1,517 a month with 20% down. The seller paid $600K in 2022 and has sat 211 days, so there is room to negotiate, but break-even is far below asking. The listing pitches owner-occupancy, so it only makes sense if you live in one side and accept a big monthly cost. Check the rental license and the actual rents first. Then decide whether the triplex idea is real or just marketing.

Things to consider

  1. Price is far above what rents support At $1,700 per unit the property loses about $1,517 a month with 20% down. Break-even is about $240K, so rental math doesn't work at this ask.
  2. Rental licensing is unconfirmed No license on file means unknown inspection status and possible compliance costs. It can also affect financing and insurance.
  3. Investor tax bill is high Annual tax is about $10,700 on non-homestead status. That eats a large share of rent income.
  4. Triplex idea is speculation Value shouldn't be based on a third unit until the city confirms it is legal and the build cost is known.Listing says: “this property has the potential to become a triplex”
  5. Owner-occupant angle Living in one unit lowers the effective cost and may allow lower-down-payment owner-occupied financing. Verify loan terms with a lender.Listing says: “an exceptional opportunity for an owner to occupy one level while renting out the other”
  6. Ample room to negotiate 211 days on market and a price below the 2022 sale suggest the seller may take less, but the gap to break-even is huge.

From the photos

Listing photo 5
1 of 7Plus

Kitchen has maple cabinets, granite-look counters, stainless appliances and tile backsplash. It appears well kept but dated, likely 2000s-era rather than new.

Listing photo 3
2 of 7Plus

Bright hardwood-look floors and recessed lighting in the open living space. The finishes appear clean and move-in ready.

Listing photo 6
3 of 7Concern

Bathroom has a dated vanity, textured walls and ceiling, and a fiberglass-style shower. Looks like a basement or lower-level bath, which would not be a legal bedroom or extra unit without egress.

Listing photo 7
4 of 7Check

Another bath has older tile, a glass-block window and a basic tub surround. It appears functional but not recently renovated.

Listing photo 1
5 of 7Check

Stone-clad house with a 3-season porch and heavy ivy on the walls. Ivy can hold moisture and hide masonry or siding problems.

Listing photo 2
6 of 7Check

Exterior stairs to the upper unit appear to be wood and newer. The garage has older-looking siding and a composition roof that appears in fair shape.

Listing photo 1
7 of 7Check

No photos of the boiler or furnace, water heater, electrical panel, basement or roof close-up. These are key for a 1905 building.

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • doneBoth units updated; kitchens, baths and finishes described as updatedListing says: Both units have been updated and each offers its own personality.
  • doneNewer deck and stairs on upper unitListing says: the upper level is a newer deck and stairs

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Down payment %
Offer $
Management
Interest rate %
Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price
$524,950
Cash to close
$120,738
Price per unit
$262,475
GRM
12.9

Each month

Cash flow
−$1,517/mo
Cash-on-cash
−15.1%
Cap rate
2.9%
DSCR
0.46×

Break-even

Price that breaks even
$239,932
Rent that breaks even
$5,370/mo

Long run

Year 30: property vs stocks
$1.20M vs $2.22M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$3,400
Vacancy (6%)−$204
Collected$3,196
Property tax Public record−$894
Insurance Estimate−$217
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (8% of rent)−$272
Capital reserve (9% of rent)−$306
Net operating income$1,277
Mortgage (principal + interest)−$2,794
Cash flow−$1,517
Principal paid down (equity, not cash)$355

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$1,197,740
Your equity when you sell
$1,197,740

Sells for $1,274,191 (value up 3% a year), minus 6% selling cost ($76,451). Rent paid down $419,960 of loan.

Rental profits, invested at 7%
$0

$0 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$2,223,268
Cash to close, invested at 7%
$919,092

$120,738 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$1,304,175

$341,913 you'd have paid in while the building lost money, invested instead.

Stocks come out $1,025,528 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.20M, stocks $2.22M. Stocks win.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

2 bed estimate $1,700/mo · range $1,475–$2,450 · 13 rentals within 0.75 mi

AddressRentBd / BaSq ftDistanceListedType
3721 Grand Ave S Unit 2, Minneapolis $1,600 2 / 1 1,050 0.3 mi 2026-08-29 Multi family
3721 Grand Ave S Unit 1, Minneapolis $1,600 2 / 1 1,050 0.3 mi 2026-08-31 Multi family
3700 Grand Ave S, Minneapolis $1,275 2 / 1 875 0.3 mi 2026-06-19 Apartment
3648 Blaisdell Ave Apt 2, Minneapolis $1,595 2 / — 1,200 0.4 mi 2026-09-16 Duplex triplex
3535-3537 Harriet Ave, Minneapolis $2,225 2 / 1 1,300 0.5 mi 2026-09-24 Apartment
3520 Grand Ave S, Minneapolis $1,225 2 / 1 900 0.5 mi 2026-01-08 Apartment
4222 Nicollet Ave, Minneapolis $2,445 2 / 2 1,387 0.6 mi 2024-04-12 Apartment
4201 Nicollet Ave S, Minneapolis $2,395 2 / 2 943 0.6 mi 2026-06-01 Apartment
4200 1st Ave S, Minneapolis $1,399 2 / 1 850 0.6 mi 2026-10-02 Apartment
3536 Nicollet Ave, Minneapolis $2,595 2 / 2 1,023 0.6 mi 2024-06-11 Apartment

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: Realtor.com rental listings. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • mediumNo rental license on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: Minneapolis Active Rental Licenses: no record for 3917 GARFIELD AVE
  • mediumAsking is $285,018 above the price where cash flow breaks even ($239,932) at the default scenario. Based on: Derived: price $524,950 vs. break-even $239,932
  • mediumDescription pitches owner-occupancy and says nothing about current tenants, rents or leases. No income is documented. Listing says: an exceptional opportunity for an owner to occupy one level while renting out the other · AI review
  • mediumTriplex potential is unverified. Adding a third unit needs permits, zoning approval, egress and a rental license, and the cost is unknown. Listing says: this property has the potential to become a triplex · AI review
  • lowSeller is asking well below the 2022 purchase price, which suggests the seller is anchored to a past price. Even so, the ask is far above what rents support. Based on: data: county.last_sale_price · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 214 days on market
  • Minneapolis has no rent cap, so rents can rise with the market after any turnover. Based on: data: underwriting.rent_rule · AI review
  • Oversized 2-stall garage with storage could support garage rent or add value for an owner-occupant. Listing says: You'll love the oversized 2 stall garage with ample storage space. · AI review
  • 211 days on market gives room to negotiate hard. Based on: data: listing.days_on_market · AI review

Questions for the agent

  • Is the building licensed as a rental, and when was it last inspected?
  • What are current rents and lease terms, and is either unit occupied?
  • What is the basis for the triplex claim? Has the city or an architect confirmed it?
  • What are the ages of the boiler or furnace, roof, water heater and electrical panels?
  • Why has it been listed 211 days, and have there been any price cuts or offers?
  • Are the units separately metered for gas and electric?

Bottom line

A nice-looking updated duplex, but at about $525K it loses roughly $1,500 a month as a rental; it only works for an owner-occupant at a much lower price. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordHennepin County record, current payable year (non-homestead)$10,728
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,604
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal$60
Repairs / capital reserve Rulerule. built 1905: +1 pt capital reserve8% / 9%

Price history Realtor.com

On the market since 2026-03-05 (214 days); down $15,000 (2.8%) from the first ask of $539,950; last sold for $600,000 on 2022-09-20.

DateEventPrice
Price changed$524,950
Removed$600,000
Listed$539,950
Sold$600,000
Listed$600,000
Sold public record$550,000
Sold public record$279,000
Sold public record$130,500
Sold public record$94,000

County record Public record

Recorded asduplex
Living units2
Year built1905
Market value (2026)$564,900
Property tax$10,728
Special assessmentsnone
Homesteadno
Last sale2022-09-01 · $600,000

Source: Hennepin County parcel records.

City rental license

No record in Minneapolis Active Rental Licenses.

Nearest highway

I 35W, about 930 m away.

Crime in King Field

286 incidents in the last 12 months (37 per 1,000 residents), −9% vs. the year before. Minneapolis police incidents, all reported offenses (definitions differ from St. Paul's, so don't compare across cities).